1st Quarter 2018 MFF Newsletter
Volume 1/Issue 1
1st Quarter 2018
“Half of Millennials say they are living paycheck to paycheck and unable to save for the future.”
- 2017 report from the Council for Economic Education
“Outstanding credit card debt soars above a record high of $1 trillion dollars.”
- Federal Reserve, Jan 9, 2018
MFF LAUNCHES FINANCIAL LITERACY PROGRAM
Launched in 2018, the Morgan Franklin Fellowship (MFF) Financial Literacy Program is a free online educational program designed to give youth the opportunity to learn basic financial literacy concepts. The MFF Investment Program, founded in 2014 by Peter Morgan, teaches students about investing in the stock market through hands-on investing. Together, both programs are designed to provide a powerful set of tools for those interested in becoming financially savvy. And parents are taking notice.
According to Melissa Gould, Executive Director of MFF, the 2018 educational program launch has been a great success. “Our goal was to admit a wide range of students. By design, 30% of our participants come from a low-income background. Our admitted students also vary in age between 12 and 26, evenly split between males and females.” Currently there are 36 students in the Financial Literacy Program and 17 in the Investment Program. “We also wanted broad geographic representation,” Gould continued. “The students in the 2018 financial literacy class live in 10 different states including both Hawaii and Alaska. The ability to accept students from across the country is one of the many advantages of our online program.”
Those interested in applying to the 2019 MFF Financial Literacy Program should visit the MFF website at www.MorganFranklinFellowship.com for more information and to download the student application.
MIDDLE SCHOOL STUDENT IS A FINANCIAL FELLOW!
Shay O’Hanley attends Windham Middle School in Windham, NH. Her favorite subject is Social Studies and she enjoys baseball, but she is also a MFF Financial Fellow. But what does that mean, exactly? “I learn about the stock market and how it works,” Shay says. Shay got started in the Morgan Franklin Fellowship program in 2014. “This is a fun program, but there are quarterly reports that you need to do. At the end of each year you get to pick new stocks, but the best part is the money that I earn [in the MFF Investment Program] goes into my own Roth IRA. Which helps me save money for retirement.”
When asked if she had any idea how much money was in her account Shay knew…down to the dollar! “I keep an eye on my stocks,” she said with a smile.
Shay’s mother, Shannon O’Hanley, said that MFF has been a positive experience for her daughter. “Shay would never have known about the stock market if she wasn’t involved with the Morgan Franklin Fellowship. It’s been a great opportunity.”
Fast Facts About Financial Literacy
- How much of their own money do teens save versus spend? 2%
- What is the average score for high school seniors on a basic financial literacy exam? 48%
- What was the rise in median credit card debt among college students from 2004 to 2009? 74%
“A budget is telling your money where to go instead of wondering where it went.”
Dave Ramsey, radio personality and personal money-management expert
WOULD YOU LIKE TO BECOME A FINANCIAL MENTOR?
MFF assigns a financial mentor to each student in the MFF Financial Literacy Program and the MFF Investment Program. The Financial Mentor provides lesson reinforcement and support in addition to the online course material. Mentors are required to have in-depth knowledge and experience in finance, the stock market and/or business. MFF provides all mentors with additional online reference guides and resources.
Are you interested in volunteering as a Financial Mentor? Please visit our website www.MorganFranklinFellowship.com and download the Financial Mentor application.
“I want kids to understand the importance of savings and investing. It’s crucial that people understand the importance of financial literacy, because it’s actually life-saving.”
Melody Hobson, President of Ariel Investments
Q: Is Morgan Franklin Fellowship a Nonprofit Organization?
A: Yes, MFF is a New Hampshire nonprofit with a 501(c)(3) tax-exempt status.
Q: How many years can Fellows stay in the MFF Investment Program?
A: Fellows may remain in the MFF Investment Program for a maximum of 15 years.